Daily Spot

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Monday”s close under 1.0855 extended down overnight to 1.0760 support, still targeting 1.0650.

Gold Jun Contract (GC, ETF: (GLD))
Fresh lows overnight down to 1178.20 were recovered to open positive Tuesday, suggesting that sellers were losing momentum, but still needing to close above 1194.00 to signal the trend was reversing up to retest recent highs.

Silver May Contract (SI, ETF: (SLV))
The 16.45-16.60 pullback target was fully tested overnight, and fully retraced before Tuesday”s open. The target range”s upper-end was pierced intraday, but closing back above 16.90 would signal the rally is resuming.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Tuesday to attack 164-00 reacted down into negative territory under Monday”s lows, holding a test of 163-08 support and bouncing up above the open”s high to test 164-04 resistance. Further delaying fresh lows could bounce first to 164-30/165-08.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Monday”s last-minute blip-up that had attracted 48.75 resistance was rejected by probing fresh lows overnight down to 47.25. Its reaction up attacked 48.75, whose recovery can still launch at least a retest of recent highs at 51.45-52.50.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday”s narrow ranging duplicated Monday”s price action, and still delayed the eventual third lower close that is in-play..

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Monday”s gap down to 1.0855 ranged narrowly under it, vulnerable to extending back down to 1.0650.

Gold Jun Contract (GC, ETF: (GLD))
Friday”s reaction down had stopped optimistically short of its potential. Sunday night”s drop compensated for the delay by sliding sharply to 1182.20. Closing back above 1194.00 would signal a pullback had ended, with potential to retest last week”s 1220.40 overnight high. Otherwise, the next lower pullback objective would be the 1171.00 area.

Silver May Contract (SI, ETF: (SLV))
Gapping down Monday launched the expected pullback targeting 16.45-16.60. The target range”s upper-end was attacked to within pennies.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s late probe above 164-04 was rejected by gapping down Monday. Filling the gap back to Friday”s close then reversed down to 163-08, which was the original bounce limit exceeded at Friday”s open. Its obligatory support should also break lower on the way to 161-12 and potentially also to 160-02.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending lower Sunday night probed under the 48.75 pullback limit that had contained Friday”s drop. Back above 49.35-49.55 could be credible for launching another upleg, which would target a retest of last week”s 51.75-52.50 highs.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday”s shallow bounce had tried to avoid fulfilling the confirmed breakout”s requirement for an eventual third lower close, probably targeting 2.60 and potentially 2.53.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
.Friday morning”s low immediately fulfilled its minimum potential by piercing the 1.0805-1.0815 target area. Reacting up to 1.0960 is really just ranging around 1.0855, leaving the pattern with no momentum either way.

Gold Apr Contract (GC, ETF: (GLD))
An early dive Friday to 1191.00 didn”t utilize all of its room down to 1190.00, but could still complete a corrective dip. Its reaction up stopped just as short of recovering 1201.50, which would have confirmed.

Silver May Contract (SI, ETF: (SLV))
Early strength Friday was reversed back down into the recent narrow range, presumably on its way through it for a pullback targeting 16.45-16.60.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Friday to test the 163-08 bounce limit extended higher quickly to test 164-00 resistance. It was tested throughout the afternoon, and closing back under 163-14 would signal the bounce had resolved down to probe fresh lows.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s opening slide stopped optimistically short of testing Wednesday”s high, but later dipped back into its range to test the 48.75 pullback limit. It”s not assured of holding, since Thursday”s close held its test of 51.45. The usual weekend geopolitical risk premium was undermined by downplaying the Yemen situation, so holding 48.75 might be considered bullish.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The past month”s ranging proved it was not accumulative. Thursday”s reaction down to EIA produced a new low close, which Friday”s lower close confirmed. At least a third eventual lower close is required, so any immediate bounce to 2.64-2.69. is likely to fail.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Stopping pessimistically short of touching the two prior days” highs around 1.0265 Wednesday inght suggested at least an obligatory probe up to 1.1075 before reversing down. But the bottom fell out Thursday morning under 1.0975 and extended down to 1.0867. The dip can extend down to 1.0805-1.0815 without reversing the trend down.

Gold Apr Contract (GC, ETF: (GLD))
The 1190.00 pullback limit wasn”t even threatened after fulfilling the 1197.00 target Wednesday, and the potential for extending to 1216.00 was over-delivered by Wednesday night”s surge up to 1219.50. Thursday did not retest 1216.00, but consolidated exclusively above Wednesday”s high around 1205.00. Closing above 1216.00 would be difficult, but very bullish.

Silver May Contract (SI, ETF: (SLV))
Only slightly higher highs Wednesday night continued to suggest the recent rally is weighted down by the need for a corrective dip targeting 16.45-16.60.

30-year Treasury Jun Contract (US, ETF: (TLT))
A brief bounce to the original corrective bounce limit at 165-07 Wednesday night couldn”t overcome Tuesday”s signal that the rally had peaked already. Perhaps the stock market”s recovery attempt was also a catalyst to pushing bonds lower to 162-09. A corrective dip would target 160-02 so long as 163-08 isn”t recovered first.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Is this a paradigm shift? The 49.55 corrective bounce limit had held Wednesday, and was probed considerably by $3 overnight on Yemen hostilities — which could have been only an extended corrective bounce. But the intraday low didn”t touch Wednesday”s high, and if not rejected by gapping down Friday to form an Island, closing above 51.45 would extend the rally to 55.45 and potentially much higher.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Failing to greet Thursday”s EIA report from a position of strength resulted in a reaction down through prior lows at 2.65. The recent range”s accumulation can become quickly distributed if a recovery back above 2.77 is delayed.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Firming overnight greeted Wednesday”s open attacking Tuesday”s highs, but not probing above them, so there is room for noise up to 1.1075 but no requirement.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday morning”s rally fulfilled its 1197.00 target and the balance of the session ranged sideways around it. The relatively un-refueled rally does make it more vulnerable to a correction, but maintaining the rally”s momentum could extend higher to 1216.00.

Silver May Contract (SI, ETF: (SLV))
Only slightly higher highs Wednesday continued the disparity from Gold which had originally underpformed Silver. Not yet extending higher aggressively Thursday morning would make even likelier a corrective dip to 16.40-16.65.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday  initially improved above 165-08/165-13, which was the room for noise above the rally”s minimum target at 164-26. But that already had contained Tuesday”s high, so probing above it Wednesday was reversed down to 164-13, making a correction down likely.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday night”s dip to 47.00 on bearish data already recovered into Wednesday”s open, and more bearish data from EIA didn”t interrupt the recovery, as 49.55 remained in-play. It was tested to within a dime, which is close enough for a corrective bounce. Closing back under 48.75 would signal the bounce had ended.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Reacting down from 2.77 instead of extending higher above 2.84 means that Thursday”s EIA report won”t be greeted from a position of strength.